increasing of 13 mainly due to the increase of Trade and other receivables. Liabilities and Shareholder’s Equity As for the period ending 31 March 2018, the Company had total liabilities equal to 1,540.0

% 1.9% 2,011 1,631 Equity 74.3% 71.0% 51.9% 48.1% 1,631 6 MASTER AD PLC MANAGEMENT DISCUSSION & ANALYSIS 2017 MD&A FY 2017 (ended 31 December 2017) 12 FEB 2018 AGEING OF TRADE RECEIVABLES (THB mn) 31

Margin (Bht/Ton) 897 834 Unit : million Baht 30-Jun-18 31-Dec-17 Total Assets 31,971 32,172 Total Liabilities 20,418 19,781 Total Equity 11,553 12,391 Gr ou p HR C Gr ou p บริษัท จี สตีล จ ำกัด (มหำชน) G

agricultural economics. 5. Statement of financial positions Items 31 Dec 2017 30 Jun 2018 Changes Million baht Million baht Million baht % Total Assets . . . . Trade and other account receivables

) 3.02 108.63% 7 Share of loss associates accounted for using equity method (0.45) - 0.45 (100.00%) 8 Profit before income tax 21.93 1.07 20.86 1,949.53% Income tax (5.62) (7.02) (1.40) (19.94%) Profit for

the revenue from services and the interest income from lawsuit against a government agency as a trade account receivable. The total cost was reported at THB 672.1 million, increased by THB 70.5 million

status as at 31 March 2020 The group’s assets decreased by Baht (2) million, mainly due to the following reasons: • Trade and other receivables decreased Baht (26) million because of payment due of trade

million, respectively. Meanwhile, the trade and other payables stood at Baht 128.91 million and Baht 93.63 million, respectively. As of December 31, 2019 and March 31, 2020, the shareholders’ equity was

remaining cash from operating activities. However, there was an increase in liabilities in respect of trade accounts creditors from purchase of raw materials. 2.3 Shareholders’ equity As at 31st March 2018

on equity method of THB 18 mil. or 30% growth 2 higher income tax revenue of THB 18 mil. which incurred in privileged tax saving from the Board of Investment (BOI) by 50% of total actual investment